OPEC

Source: Reuters

Saudi Aramco CEO says no peak in oil demand for some time to come

BOE Report


Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin …

Source: World Oil

U.S. oil companies use AI for faster shale drilling, mitigating OPEC production cuts

World Oil


(Bloomberg) – From a dark Houston control room, Rafael Guedes watched on a monitor as a robot took charge of a drilling rig in a North Dakota oil field, locking out the human operator.

Glowing red boxes lit …

Source: Reuters

IEA sees OPEC+ cuts pushing oil markets into a supply deficit

Oil Price


The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of the year, the International Energy Agency (IEA) said …

March 14, 2024 - 11:47 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC says IEA commentary on oil security encouraging

Nasdaq


DUBAI – Oil producer group OPEC said on Wednesday it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook.

The …

OPEC sticks to oil demand view, nudges up economic growth

OPEC sticks to oil demand view, nudges up economic growth

Nasdaq


LONDON – OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.

The …

Oil prices gain near 2% on expectations of deeper OPEC+ cuts

Oil prices gain near 2% on expectations of deeper OPEC+ cuts

Yahoo Finance


BENGALURU – Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on expectations of fresh supply cuts from OPEC+ and looked past a jump in U.S. crude, gasoline and distillate stockpiles.

Brent …

Source: Reuters

Oil gains on potential OPEC+ cuts, curbed by jump in U.S. crude stocks

US News


LONDON-Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a jump in U.S. crude stocks that trounced expectations offset a boost from a potential extension to OPEC+ supply curbs.

Brent

Source: Reuters

Exclusive: OPEC Secretary General believes long-term demand outlook is robust

Nasdaq


DUBAI – Saudi Arabia’s decision to postpone oil capacity expansion plans should not be interpreted as an assessment that demand for crude is falling, OPEC’s Secretary General said on Tuesday.

“First of all I want to be clear I …

OPEC+ to review oil cut extension in March, ministers leave policy unchanged

OPEC+ to review oil cut extension in March, ministers leave policy unchanged

Nasdaq


LONDON/DUBAI/MOSCOW – A committee of OPEC+ ministers proposed no changesto the group’s oil output plans at a meeting on Thursday.

Leading ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies, led by Russia, known as OPEC+, …

OPEC oil output falls in January on new cuts, Libya – survey

OPEC oil output falls in January on new cuts, Libya – survey

Nasdaq


LONDON – OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output.

The Organization …

OPEC+ plans to keep oil production cuts unchanged

OPEC+ plans to keep oil production cuts unchanged

Oil Price


The OPEC+ group doesn’t have any plans to alter the current oil production policy and cuts when the alliance’s monitoring panel meets next week, OPEC+ delegates told Bloomberg on Friday.

OPEC’s Joint Ministerial Monitoring Committee (JMMC), which takes …

Peak oil demand predictions “misguided” as innovation propels industry forward, OPEC Secretary says

Peak oil demand predictions “misguided” as innovation propels industry forward, OPEC Secretary says

World Oil


(Bloomberg) –OPEC’s top official said forecasts that oil demand is heading toward a peak will prove just as misguided as earlier predictions that supply was reaching its zenith.

“Ultimately, peak oil supply has never come to pass, and …

Angola quit OPEC to sustain oil production above 1MMbpd, top official states

Angola quit OPEC to sustain oil production above 1MMbpd, top official states

World Oil


(Bloomberg) – Angola quit OPEC because its quota limits hindered the country’s plans to stabilize crude production above 1 MMbpd, according to the country’s top oil official.

The African nation’s December exit from OPEC came after the group …

OPEC December oil output rises before new cuts, Angola exit – Reuters survey

OPEC December oil output rises before new cuts, Angola exit – Reuters survey

Nasdaq


LONDON – OPEC oil output rose in December, a Reuters survey found on Friday, as increases in Iraq, Angola and Nigeria offset ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance in support of the …

January 5, 2024 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: World Oil

OPEC+ to resume regular oil market monitoring meetings in February after fresh production cuts

World Oil


(Bloomberg) – OPEC+ will resume its regular oil market monitoring meetings with an online session early next month, delegates said.

The Joint Ministerial Monitoring Committee, which includes group leaders Saudi Arabia and Russia, will convene in the first …

January 3, 2024 - 12:30 pm Closing Bell Story‎, Commodity Pricing, Crude Oil News, OPEC
Source: Reuters

OPEC+ set to hold monitoring meeting in early February

Nasdaq


LONDON/DUBAI, Jan 2 (Reuters) – OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, though an exact has not been decided, three sources from the alliance said.

OPEC+, which comprises the Organization …

Source: Reuters

Reuters claims OPEC facing significant market share loss

Oil Price


OPEC could potentially face further loss of market share in early 2024 following the recent departure of  Angola, weakening demand and rising output by non-OPEC producers, Reuters claims, based on its own calculations.

Reuters reports that OPEC’s production …

December 29, 2023 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil down more than $1 a barrel as Angola decides to exit OPEC

Yahoo Finance


LONDON (Reuters) -Oil prices fell by more than $1 a barrel on Thursday after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC). Brent crude futures were down $1.30, or 1.63%, to $78.40 a …

Source; World Oil

U.S. shale drillers use ramp up oil production, calling OPEC+ strategy into question

World Oil


(Bloomberg) – Shale drillers from the Permian basin in West Texas to the Bakken shale of North Dakota have ramped up oil production well beyond what analysts foresaw, pushing output to a record just as OPEC and its …

Source: Reuters

OPEC maintains oil demand outlook amid resilient economic growth

Oil Price


OPEC kept on Wednesday its oil demand growth forecasts for this year and next, citing better-than-expected economic performance so far this year and blaming “exaggerated concerns about oil demand growth” for the recent slump in oil prices.

In …

December 13, 2023 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC, Uncategorized
Source: Reuters

Citigroup: OPEC+ needs to maintain oil production cuts through 2024 to balance global market

World Oil


(Bloomberg) – OPEC+ will need to maintain its latest oil production cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc. OPEC and its allies have announced that it will cut …

Source: Reuters

Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts

US News


MOSCOW – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious …

Source: Oil Price

U.S. record-breaking oil output one more blow to OPEC

Oil Price


Record crude oil production in the United States is serving a fresh blow to oil bulls and OPEC, just as the cartel was trying to push benchmarks higher by adopting deeper production cuts. The EIA reported last week …

Source: Reuters

Is a new oil price war looming?

Oil Price


U.S. crude oil production broke another record in September, putting additional pressure on the OPEC+ group, which looks to keep oil prices above $80 per barrel by controlling “market stability.”

The underwhelming OPEC+ meeting last week showed that …

Source: Reuters

Latest cuts leave OPEC with fewer options

Oil Price


Last week, OPEC and its partners from OPEC+ agreed to deepen and extend their production cuts into the first quarter of 2024. The move, almost unanimously seen as a means to propping up oil prices, did not have …

Source: Reuters

Brazil to join OPEC+ but won’t cap oil output, Petrobras CEO says

Nasdaq


RIO DE JANEIRO – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras PETR4.SA told Reuters.…

Source: Reuters

Oil prices stabilise after slump on underwhelming OPEC+ cuts

Investing


Oil prices were broadly steady on Friday following a 2% drop on Thursday, with the market unconvinced that the latest round of production cuts by the OPEC+ coalition will be able to lift prices out of their recent slump.…

Source: Reuters

Oil gains ahead of OPEC+ meeting as Black Sea shutdowns provide support

Yahoo Finance


LONDON – Oil prices rose on Wednesday as investors turned their attention to an OPEC+ meeting to decide on output policy, while supply disruption caused by a storm in the Black Sea combined with lower U.S. inventories to …

Source: Reuters

OPEC+ looking at deeper oil cuts ahead of Thursday meeting

Today


LONDON :OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday.

Several analysts have said they expect OPEC+ to …

Source: Reuters

OPEC source tells Reuters bigger cuts a likely option

Oil Price


An OPEC+ source told Reuters on Monday that the expanded cartel is considering bigger oil output cuts during its November 30 meeting, which was originally delayed for four days over a production quota dispute between OPEC leaders and …